The Personal Services Business Versus Corporation – CRA Rules
Tax Considerations for “Artist and Performers” in Canada In recent years, we have seen businesses in many areas of the economy hiring contractors on a long-term basis instead of offering permanent full/part time employment. More recently, we are noticing in some industries, contracts come with the stipulation requiring these individual contractors to incorporate their services […]
Tax Considerations for “Artist and Performers” in Canada
Tax Considerations for “Artist and Performers” in Canada It can be a daunting process to learn about your taxes, especially, if the information is not consolidated in one place. The purpose of this article is to serve as an informative piece to Canadian artists and performers with regard to their tax considerations, whether self-employed or […]
Salary or Dividends: How should a Business Owner compensate themselves?
Business owners make a multitude of decisions that may have significant implications on their taxes – especially when it comes to compensating from an incorporated business. One of these is whether they should pay themselves using Salary vs Dividends or a combination of the two. There are many things to consider in deciding the optimal […]
Income Tax Tips for Small Business Owners Canada
As the fiscal and tax year draws to a close for most small businesses, use these small business tax tips to review your companies tax situation to see what you can do yet to maximize your tax deductions and minimize the income tax you’ll have to pay. Keep track of your income tax deadlines Whether […]
Is Incorporation right for your business ?
Whether incorporation is right for your business depends on various factors. While the administrative, compliance responsibilities and costs are much higher under a corporate structure the benefits include liability mitigation of the owner, tax deferral strategies and estate planning. From Tax Point of View, incorporating your business is only effective if your business has grown […]
Sole proprietorship versus Incorporation
Before you start a business, you may have to give some thought to deciding on a legal structure. Different legal structures offer unique benefits and limitations and to help you consider a legal structure that best suites your needs, take a look at both advantage and disadvantages to both sole proprietorship and a corporation. What […]
Important Tax Deadline Dates for Corporations, Sole proprietorships and Partnerships.
General Corporations Corporate taxes payable are due two months after the corporation’s tax year end date. With the exception of new corporations in their first year of operations, corporations are required by CRA to pay monthly or quarterly installments throughout the year, if their taxes payable, for the current or preceding taxation year is more […]
Understanding the Basics of GST/HST for your business.
In Canada, there are three kinds of sales tax that businesses need to charge their customers. Depending on your province and the goods or services your company is selling, following are the different kinds of sales tax: GST (Goods and Services Tax) PST (Provincial Sales Tax) HST (Harmonized Sales Tax), combination of GST and PST […]